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defining features of capitalism according to Schumpeter: A society is called capitalist if it entrusts its economic process to the guidance of the private businessman.
Schumpeter’s theory was centered around the entrepreneur: he argued that change in economic life always starts with the actions of a forceful individual and then spreads to the rest of the economy.
We will define it as follows, stating expressly that this would be unsatisfactory for many purposes: Capitalism is that organization of society in which pro-duction is managed by private initiative with view to private profit.
Feb 23, 2024 · Schumpeter, Joseph Alois, 1883-1950. Capitalism, socialism and democracy Autocrop_version 0.0.17_books-serials-20230720-0.3 Bookplateleaf 0004 Boxid IA41184719 Camera USB PTP Class Camera External-identifier
Jun 27, 2012 · "This book was originally published as Part II of Capitalism, Socialism and Democracy." *** First edition of the English translation of the entire work first published in 1942. *** Includes bibliographical references
Despite this disparity in age, and with no empirical indication of the newcomer’s practical viability, Schumpeter boldly proclaimed socialism the new order, while judging capitalism as doomed to extinction. The power of Schumpeter’s argument was immediately apparent to his con-temporaries.
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The heart of the book is in Parts II-IV, which deal with the prospects for the surviv- al of capitalism, the comparative merits of capitalism and socialism, and the relation between socialism and democracy. These are the most fundamental ques- tions which confront the postwar world, and in many countries they press for im- mediate decision.
